American Express National Bank fined $350 million for insufficient anti-money laundering program

WASHINGTON, Oct 8 (Reuters) – The US Office of the Comptroller of the Currency said it has ordered American Express National Bank to pay a $350 million civil penalty for deficiencies in its program to combat money laundering.     The OCC found American Express failed to establish and maintain a program in connection with the US Bank Secrecy Act, which requires banks to have protocols for flagging suspicious transactions to prevent illicit payments.

(Reporting by Pete Schroeder; Editing by Chris Reese)

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